Added 3 years ago By Kirby Dela Cruz
The mobile payments market continues its growth this 2017. Some experts share that this year is the year that the digital payments leader will be decided. If you are one of the skeptics about the growth of the mobile payments market, then let the numbers and figures speak themselves. Here are 5 facts proving how big the mobile payments market is.
The projected average transaction value per user in 2017. It is also projected to increase in $1,303.85 in 2021. This may even increase depending on the advancement in technology and integration of different industries and merchants to the mobile payment technology.
The projected number of mobile payments users this 2017. Mobile payments are usually targeted for the unbanked segment. Reaching this segment will disrupt the financial institutions creating a new culture of payment and banking.
The forecasted transactional value of all mobile payments in 2017. Mobile payments will be a big deal this 2017. This is due of course to the advancement in technology and the continuous growth of the smartphone market reaching all market segments and the improvement of mobile internet data subscription and connectivity.
This is the Total Transaction Value of the Digital Payments segment. This segment includes digital commerce, mobile payments, and P2P Money Transfers. By 2021, it is estimated to reach a whopping US$3,609,840,000,000.
Asia will play a big role in the Digital Payments space. The frontrunner in Asia will be China and the unbanked segment of Asia will be the biggest target market for Digital Payments.
These are projected figures that are based on data gathered from previous years. You could check out the source of this data for more information. The previous years’ trend speaks heavily of the continued growth of the mobile payments market. This is also due to different factors that contribute to the astonishing facts of this market.
These are the facts investors are seeing as they make their investment to the coming leader of mobile payments.
Follow Texcent for more Fintech news and topics.
The landscape of today’s digital marketplace is evolving to meet the growing demands of…
Payment apps are a rapidly rising trend in global Fintech, especially as cashless payments…
Digital payments in all parts of the world have been surging in the past…
Continuous innovation of mobile wallets has been disrupting the financial markets. People are slowly…
The rest of the world has started to take notice: Asia is poised to…